Legend Sells Unique 1943-D Bronze Lincoln Cent - $1.7 million
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Legend Sells Unique 1943-D Bronze Lincoln Cent
By Coin Update Staff on September 23rd, 2010
Categories: Press Releases, US Coins
The only known 1943 Lincoln Cent mistakenly struck on a bronze planchet at the Denver Mint has been sold for a record price of $1.7 million by Legend Numismatics of Lincroft, New Jersey. The unique coin, not publicly known to exist until 1979, is graded PCGS MS64BN.
The new owner is a Southwestern United States business executive who wants to remain anonymous. He also purchased in the same transaction through Legend a 1944 Philadelphia Mint cent struck on a zinc planchet, graded PCGS MS64, for $250,000, and an experimental 1942 Philadelphia cent mostly composed of tin for $50,000. The unnamed new owner plans to exhibit these coins and others at the Florida United Numismatists convention in January.
“The 1943-D bronze cent is the most valuable cent in the world, and it took four years of aggressive negotiations with the coin’s owner until he agreed to sell it,” said Laura Sperber, President of Legend Numismatics.
“The new owner is a prominent Southwestern business executive who’s been collecting since he was a teenager, searching through pocket change looking for rare coins,” explained Sperber. “As a youngster he thought he’d actually found a 1943 copper cent in circulation but it was not authentic. He still has that in his desk drawer, but now he’s the only person to ever assemble a complete set of genuine 1943 bronze cents, one each from the Philadelphia, Denver and San Francisco Mints. He will display that set at FUN along with his 1944 Philadelphia, Denver and San Francisco zinc cents.”
The anonymous collector who formerly owned the coin “donated it to a charitable organization so they could sell it with all of the proceeds going to the charity,” according to Andy Skrabalak of Angel Dee’s Coins and Collectibles in Woodbridge, Virginia who acted as agent on behalf of the former owner.
“As a specialist in small cents, this transaction is the ultimate accomplishment for me and I’m privileged to be part of it. I don’t think it will ever be duplicated in my lifetime,” said Skrabalak.
Zinc-coated steel was used for producing cents in 1943 to conserve copper for other uses during World War II, but a small number of coins were mistakenly struck on bronze planchets left over from 1942.
“We estimate that less than 20 Lincoln cents were erroneously struck in bronze at the Philadelphia and San Francisco Mints in 1943, but this is the only known example from the Denver Mint,” said Don Willis, President of Professional Coin Grading Service.
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TD
Lets see, if 1c went to 2c, thats a 100% gain, if that doubles a 400% gain,
This is a multi billion percentage gainer!
100% Positive BST transactions
Wish I was going to FUN
Congrats all!
"Inspiration exists, but it has to find you working" Pablo Picasso
Lance.
<< <i>He also purchased in the same transaction through Legend a 1944 Philadelphia Mint cent struck on a zinc planchet, graded PCGS MS64, for $250,000 >>
Someone please correct me if I'm wrong, but I thought that this coin was relatively common (relatively meaning a couple of dozen examples exist). The Mint continued to use the zinc-coated steel planchets for French coinage in 1944, meaning this coin is not so much a transitional off-metal but struck on a foreign planchet, and as such would be worth several orders of magnitude less than the price realized. Maybe the price is because coin is also a condition rarity?
And while I'm nitpicking....
<< <i>The 1943-D bronze cent is the most valuable cent in the world >>
... I think Legend left the word "small" out of that sentence.
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
<< <i>I'm not a lincoln cent expert but that looks like a very strong strike. Was the coining force turned up higher for the steel planchets? --Jerry >>
Yes, the steel being a harder material than copper the force needed to strike up the design was much greater. This also helps explain why there are so many cuds on 1943 cents.
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
<< <i>I'm not a lincoln cent expert but that looks like a very strong strike. Was the coining force turned up higher for the steel planchets? --Jerry >>
Yup. In fact its one of the things you look for in authenticating one
My Adolph A. Weinman signature
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Donation =
<< <i>Price =
Donation =
<< <i>Is there any information available on how and when this coin was discovered? >>
I second that!!
<< <i>he’s the only person to ever assemble a complete set of genuine 1943 bronze cents, one each from the Philadelphia, Denver and San Francisco Mints. He will display that set at FUN along with his 1944 Philadelphia, Denver and San Francisco zinc cents.” >>
Nice PDS sets!
Empty Nest Collection
Matt’s Mattes
Of course if someone has $1.7 million in discretionary money lying around to spend on a coin I assume that his/her asset base is such that $1.7 million is a drop in the bucket.
I wonder if the coin would have graded higher if the doaen or so white spots on the reverse were not present?
Does anyone have an idea of what the white spots are? To me the spots look like a substance that has caused damage to the coin.
Overall I like the look of the obverse of the coin. The reverse is not close in eye appeal to that of the obverse.
<< <i>It took some guts to pay $1.7 million to purchase this coin.
Of course if someone has $1.7 million in discretionary money lying around to spend on a coin I assume that his/her asset base is such that $1.7 million is a drop in the bucket.
I wonder if the coin would have graded higher if the doaen or so white spots on the reverse were not present?
Does anyone have an idea of what the white spots are? To me the spots look like a substance that has caused damage to the coin.
Overall I like the look of the obverse of the coin. The reverse is not close in eye appeal to that of the obverse. >>
I feel the white spots are not on the coin but from the light source when the images where taken through the slab.
But then I'm not sure looking at it again
Pretty wild if stuff. I never thought I'd be excited about seeing a penny, can't wait for FUN.
<< <i>The coin was intentionally struck by a Mint employee. >>
The bin could have also just had a few copper planchets stuck in the seams that wiggled loose.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>I can think of better ways to spend $1,700,000.
Especially since it was auctioned for $212,750 by Goldberg in February 2003.
<< <i>I spoke to Laura, she said those are not spots. They are pieces of zinc that were left on the dies. >>
Beat me to this one. --Jerry
<< <i>I can think of better ways to spend $1,700,000.
So can I, but then again most people can think of better ways to spend the $ that you or I pay for OUR coins, so who is to judge.
Congrats to all the parties involved!
<< <i>I remember that auction - very cool coin - didn't Laura buy it for a client?
Congrats to all the parties involved! >>
Yes, definitely have to give Laura her "props" on this one!
An authorized PCGS dealer, and a contributor to the Red Book.
<< <i>I can think of better ways to spend $1,700,000.
I'll bet it was a rich person. I mean, I'd hate to think it was a poor person who could really use the money.
<< <i>
<< <i>I can think of better ways to spend $1,700,000.
So can I, but then again most people can think of better ways to spend the $ that you or I pay for OUR coins, so who is to judge.
I could easily put together a small collection of proof type, having more historical significance, for 1/100 of the cost.
He and Laura were the "middlemen" in this transaction between the buyer and the seller, so without them both, this would not have happened!
That's on a very short list of coins that have gone up in value 8X since 2003. Most better coins are lucky to be currently worth 2X their 2003 values.
CONGRATULATIONS to Andy Skrabalak also!
He and Laura were the "middlemen" in this transaction between the buyer and the seller, so without them both, this would not have happened!
I'm sure that each of them made on this transaction something equivalent to an average working man's yearly wages. Good work if you can get it.
roadrunner
Impatient
Wanted it REALLY badly
Has/had too much money
Wanted to complete a unique set
Wanted to set a record for the highest price paid for a Copper coin (and then some!)
A shark in a pool of carp and minnows
Wants to impress a Girlfriend (or other person)!
I'm sure there's more, but the coin won't bring $1.7 million the next time it's sold. Maybe $400-500k, but not much more.
So, what I can digress is that the owner is not in it for a future profit, but rather to enjoy the coin for what it is!
I find this fascinating
Liberty: Parent of Science & Industry
What does the "average working man" have to do with any of this? We're talking about Coin Gods at play, not mere mortals.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>Wants to impress a Girlfriend >>
<< <i>Mindset of the person who bought this coin:
Impatient
Wanted it REALLY badly
Has/had too much money
Wanted to complete a unique set
Wanted to set a record for the highest price paid for a Copper coin (and then some!)
A shark in a pool of carp and minnows
Wants to impress a Girlfriend (or other person)! >>
You neglected to mention, "Mistakenly thinks this is a more important coin than it really is"
<< <i>
<< <i>Mindset of the person who bought this coin:
Impatient
Wanted it REALLY badly
Has/had too much money
Wanted to complete a unique set
Wanted to set a record for the highest price paid for a Copper coin (and then some!)
A shark in a pool of carp and minnows
Wants to impress a Girlfriend (or other person)! >>
You neglected to mention, "Mistakenly thinks this is a more important coin than it really is" >>
When you grow up dreaming about finding a 43 copper cent - is there really such a thing as thinking this coin is more important than it is? Just like Cardinal's dream was to own the Carter 1794 dollar - is that coin really the most important coin? Bottom line is that what makes ANY coin important is within each of us. It's not to be determined by you or I - but rather by the buyer and seller. Of course, with that said I'd have to agree that it wouldn't break $1M on a resale. But $500k is way too low a number these days.
Heard about this from Andy today at the Long Beach show... very impressive and couldn't have had better people involved in the transaction. Can't wait to see the PCGS videos of the exhibit of these coins in a few months!
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